Romania

Romania

Bolstering a New Market Economy through Credit

Global Communities has been working in Romania since 1994 to enhance the competitiveness of the business community, and prepare the country for EU accession – an effort that culminated in 2007.

With those aims, Global Communities implemented a program that promoted the competitiveness of the Romanian economy by improving the legal and regulatory environment for Romanian micro-, small- and medium-sized enterprises and by strengthening the tourism and information technology and communications sectors.

Vitas Romania (formerly Express Finance S.A.) is a registered, Romanian (non-bank) financial institution first established as a program of Global Communities in 1996. Vitas Romania focuses on providing fair and easy financing to homeowners, microenterprises, and small and medium-sized companies (MSMEs) that are often seen as “too risky” by banks. Traditionally, Vitas Romania has focused its efforts on supporting MSMEs because small, local businesses have been shown to generate the most significant employment for growing economies, a need which was reinforced after the global financial crisis of 2009. Since joining Vitas Group in 2012, Vitas Romania is better equipped to fuel the local job market by leveraging the Group’s funding to expand offerings and dramatically increase the number of local entrepreneurs and homeowners it serves.